Transcripts For FBC Varney 20240704

The numbers coming in a little hotter than weve seen recently. The index went up 0. 89 in the 0. 8 in the last 12 months. The dow industrials turning south, were down 9 a 5 points. Nasdaq, south, down 105 points. A little hotter inflation doesnt go down well on the stock market. Interest rates going up right after the inflation news. Look at that, the yield on the 10year sorry, thats the 2year. The yield on the 10year is 4. 16. Look at the 2year, the yield there is 4 and something, getting close to 5, youre at 4up. 89 right now. So 4. 89. Interest rates up, stocks down. Energy inflation, thats a real concern. Oil slowly criming, youre at 83 a barrel this morning. And look at this, gas is now climbing as well. Regular average is 3. 84, up 2 cents overnight. And diesel, thats going to an average of 4. 26, and that is the up 3 cents overnight. Listen to this, up 42 cents in a month. Politics, a hostage deal. Five americans detained in iran likely getting out. The iranians get 6 billion released to them from their frozen assets. Mike pence says america should not be paying ran. Some, and this iranian deal, he says, is disgusting. The president wans to give ukraine another 24 billion, but hes only requested an extra 4 billion for the border. Meanwhile, cities and states are running up e nor to mouse bills coping with migrants already here. Whos going to i pay for that. . Congressman james comer leads the investigation into hunter biden after exposing bank records. Hes now going to subpoena members of the biden family who who received millions of dollars. Hes closing in on the president. Donald trump using harsh language, speaking of the president he says, quote, i believe hes gone mad, a stark the raving lunatic. He has the iq of a first grader. Trump is not changing his style. Maui, def stated. More stories this morning of desperate escapes from fast moving fires. Lahaina a smoking ruin. The governor says recovery is going to be the a long haul. 55 dead, 1,000 reported missing. And this, a tweet from elon musk. The fight with Mark Zuckerberg will be in an epic location. Speculation is theyll fight in the coliseum in rome. Musk has spoken to the Prime Minister of italy. [laughter] what a story. Friday, august the 111 th, 2023. Varney company is about to begin. Stuart i love this life. Yes. That was the group that we with played in the fox square the concert. Stuart concert this morning. I love this life. Thats a very good song. Did you go out and dance . Stuart no, i went out for the free food, and i got it. Lauren an honest man. [laughter] stuart this is your story, youre going to tell it. Im going to start with donald trump unleashing on President Biden. All right. You take us through what he said. Lauren yeah. The posts were relentless, i think thats a fair word. Ill read part of them for you for your entertainment. Our country is being destroyed by a man with the mind, ideas and iq of a first grader. Continues, i think that Crooked Joe Biden is not only dumb and incompetent, i believe hes gone mad, a stark raving lunatic. Trump appears unhinged as the legal cases stack up against him. Hes largely kept his cool in public as he campaigns to be president once again. Maybe hes rattled by all the drama. Stuart youre going to get some comments if you say that hes, what did you say, hes lauren are unhinged . Stuart yes. Youre going to get negative comments on that. Lauren it was a series of very negative remarks of President Biden. Stuart okay. Lauren could be seen as excessive. Or trump. If. Stuart were going to turn to brad blakeman, reliable for responses. Brad, do these attacks from trump work . Is this what people want to hear from President Trump . No, i dont. I think the rhetoric is way over the top. People want to hear about issues, not personalities. The American People see and hear the president every day, sometimes we dont see him for weeks. And when we see him, we know what we see, we know what we like. And more importantly, we know what we dont like. I think its all about the economy. Time has been true, in modern times americans vote with their pocketbooks. Ask right now what were seeing is not a president ial election on Donald Trumps side, this is a Legal Defense fund. Almost his entire rallies are taken up with his trials and tribulations and not about the American People. His problems are going to be his problems in the end. Weve got our own problems. And when we go into that voting booth, were thinking not only selfishly of ourselves, but wheres the country going to be. Ask we all know there are several polls that are really important especially for an incumbent president. Right track, wrong track, are we going on the right track . Vast majority of the American People say, no. Are we better off today than we were before Joe Biden Took Office . Threequarters of the American People say no. Thats what donald trump should be talking about. Stuart cnn host dana bash confronted bidens Campaign Manager over trumps rising poll numbers. Watch this. He has been indicted now three times, probably a a fourth at the end of next week. Polls show that hes tied with your candidate, with the president. Thats got to be a warning sign. Well, again, were going to stay focused on really insuring that were communicating what this president has delivered for the American People. Stuart you know, brad, i dont think thats a very forceful response to the challenge. What say you . No. Not at all. Look, youre treading water at 40 against a former president whose multiple indictments in jurisdictions, and thats the best you can do . Not talking about your record, not talking about why you should be reelected or touting the record that you have . Thats about as tepid a response as you could have. This president should be blowing trump away, but the fact is on the republican side all youre hearing about is donald trump. The others cant break through, and the American People are checked out. Its the summertime. Well revisit this around labor draw and and as we get closer to iowa and new hampshire. Stuart got it. Brad blakeman, thank you very much for being with us this friday morning. Thank heavens its friday. Now this, President Biden admitted that the Inflation Reduction Act doesnt have that much to do with inflation. Thats not the way he sold it last year, i think. Lauren no. Hes saying the quiet part out loud now. Heres the president , im going to quote, i bush i hadnt called it that i wish i hadnt called it that. It has less to do with release deucing reducing inflation than it does for providing for alternatives that generate economic growth. How do you do that . You push green and you push clean. You dont spend less, you dont drill more. Those would be real moves that that actually cut prices. And this could be why senator joe manchin, to who crafted the Inflation Reduction Act, reportedly will not be at a big white house event commemorating the anniversary of the Inflation Reduction Act next week. Hes distancing himself. Hes also considering if hes even a democrat anymore and if hes going to run as a third party. But he crafted the Inflation Reduction Act, and the president of the United States is saying i wish i didnt call it that because theyre realizing it hasnt reduced inflation. [laughter] stuart and it should never have been called that in the first place. Its all about green energy. Thats what its about. Anyway, Producer Price index, the latest Inflation Report, we got it this morning. Okay, you take us through this one. Lauren inflation is still very much in the pipeline. So this is the producer level, its a proxy for potential price change at the consumer level, what you pay at the store. So in july all metrics hotter than expected. Inflation up. 3 from june at the headline level and also at the core level. The culprit was the services category. Those prices rose half a percent. Final note here, core inflation yearoveryear rose 2up. 4 . That that 2. 4 . Its the first time in 13 months that annual growth accelerated. Stuart ah, okay. Lets bring in kenny poll aroundly Kenny Polcari on this and see how the markets reacting. Does that Inflation Report worry you, kenny . Because thats a little hotter than weve seen recently. Well, i think its t right in line with what you and i have been discussing. I always thought inflation was going to stick its head up again, and were starting to see that. We saw it a little bit yesterday in cpi at the food and crew tilt and insurance and home levels. Ed today were seeing it broader at the producer level, and as lauren just said, it kind of forewarnings you whats going to happen three or four weeks down the line when it goes into the consumers hands. Stuart does it mean that the fed will raise rates once, maybe twice . Listen, im in the two more times camp, right . I havent changed from that. I think theyre going to raise again in september, and i think theyre going to raise again in november. And i think we havent even gotten, you know, the increase in energy and oil because the cpi didnt even capture that. Wait until we get the pce at the end of this month and the p if pci next month, thats when its going to capture energy. Stuart thats not a very bullish outlook for the market at all if youve got a couple more rate hikes still to come. Let me just digress to apple just a second. We were talking about this last week, and if apple is down 10 . Is it now a buy at 177 . So, listen, i down 10 i am actually going to start to buy it again because, look, when we talked the last time, it was trading at 196 and change, 10,000 would have bought you 50 shares, today the same 10,000 is going to buy you 56 shares, so, yes, down 10 in a name like apple, i think youve got to start adding to it again. Toort stuart okay. Its a little bit lower this morning at 177. Kenny polcari says buy that thing or dip your toes into it. [laughter] have a great weekend, kenny. We will in new york. See you later. Of. See you later. Stuart james comer says subpoenas to biden family members are coming. Roll tape. We know that this is going to end up in court can when we subpoena the bidens, so were putting together a case, and i think weve done that very well. Stuart his family getting real close to the president , inching toward an impeachment inquiry. Former speaker of the house, newt gingrich, is here on that. The death toll has risen to 55 in the catastrophic wildfire scorching maui. Well bring you an update. President biden has agreed to a 6 billion deal to free americans imprisoned many iran. Former secretary of state mike pompeo calls it a bad deal. Ill ask california congressman darrell issa if we should be paying ransom. Hes next. What if you could make analyzing a big banks data. No big deal . Go on. Well, what if you partner with ibm and red hat, use a hybrid Cloud Solution to connect data across clouds, then analyze all that data with watson. Okay, but this needs to meet our. Security standards . Yup. Compliance standards . Mmhmm. So they get the insights they need. Yup. In real time. Check. To make quick decisions . Check. Aaaand check. Thats the solution ibm and a global bank created. What will you create . Ibm. Lets create. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. 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Inflation numbers came in hotter than recently this morning, and thats whats upsetting the stock market today. Lets move on. The Foreign Affairs committee chair, thats mike mccall, he wants to investigate those in charge of the afghan withdrawal. Lauren, what exactly is he looking for . Lauren what was behind the decision to awe abruptly withdraw from afghanistan. The committee has been asking for documents from the state department in their probe into what went wrong. Theyve received an anemic response thus far, they said they received just a handful of pageses. And now they want transcribed interviews from the people at state in charge of producing those documents. The question with, is the state department deliberately i trying to obstruct the committee. Stuart well find out. Fair enough. Investigate. President biden has agreed to a 6 billion deal to free americans imprisonedded in iran since 20215. Now, weve gone through this story a little bit. I need more details. Lauren there are five iranianamericans who are part of this deal. Iran has moved them from prison to house arrest in exchange for 6 billion in frozen assets being unfrozen. Iranian officials tell the associated ifs press that the prisoner transfer is, quote, a significant initial step and that eventually the prisoners could be fully released, and that could take weeks. The New York Times reports that once the americans are allowed to return back to the United States, the white house has agreed to release a handful of iranian prisoners. Stuart so essentially, we bought them out for 6 billion. Its their money, frozen assets, but theyre getting 6 billion. Lauren about a billion dollars a hostage, is the message that youre sending to other countries. Stuart i think israel will be opposed to this dramatically because that money may well be used to attack israel and also to attack america. Lauren the money will be held in qatar, and someones going the make the decision what iran does with that money. Stuart its great to have the people back, wonderful, but what price do we pay . Lets move on. Coming up to the opening bell on wall street, 12 minutes to go. Dow down 75, nasdaq down about 100ful well take you to the opening bell and all kinds of good stuff next. Muck, from charge me up, baby. Charge me up, baby. Charge me up once again you ok, man . The internet is telling me a million different ways i should be trading. Look whats up my trade dogs . You should be listening to me. You want to be rich like me . You want to trust me on this one. [inaudible] wow yeah its time to take control of your investing education. Cut through the noise with bestinclass Education Resources that match your preferred style of learning. Learn your way. Not theirs. Td ameritrade. Where smart investors get smarter℠. With your hearing, if you start having a little trouble, youre concerned that its going to cost you money. To this day i only paid what i had to pay for the device. When i go back everything is covered. Theres so much youre missing by not having hearing aids. Well find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. Call miracle ear at 1800miracle and schedule your free, no obligation hearing evaluation today. Stuart all right. How are we going to close out the week on wall street . Looks like were going to be slightly lower, certainly at opening bell, but you never know how well look at the close. Nasdaq down almost exactly 100, 8 minutes before the market opens. Lets bring in our market watcher e of the morning. Ed, let me give a big picture here. For maybe 20 the, 25 years, weve been told that a debt crisis is coming, its just with around the corner. The debt bomb is going to explode because were borrowing too much and the debts too high. You think the debt crisis is almost here, dont you . Yeah. Well, you know, i dont know if its going to be in the next 5 months or the next 5 years, but, you know, even moodys, theyre starting to downgrade banks, and even the larger banks are put on the watch list. Ask theres so much consumer debt. I mean, from a National Debt level, were spending 5. 1 billion more than what were bringing in in tax revenue, and this is all inflationary which is going to increase rates to get inflation under control, create more downward pressure on banks across the board. And, you know, eventually, you know, the chickens are going to come home to roost. Stuart im not asking for a time frame, but we are moving up the debt crisis, arent we . Yes. Stuart and when you couple ited todays slightly hooter than expected inflation hotter than expected inflation number at the producer level, this seems to be a significant overhang for the entire market. It is. And i dont know if the markets have actually priced in, you know, another rate hike. I think were definitely going to see one in september, and i wouldnt be surprised if we see, you know, one or two more. Because inflation is here to stay, and and it really has more to do with we cannot get spending urn control. And, you know, again, the only tool in the tool bag that the feds are using right now is Interest Rate control. And so that creates more pressure on American Families which is increasing Credit Card Debt can. It hit an alltime high. So, again, everything is kind of coming to the surface. I dont know if weve hit that Tipping Point yet, but were pretty close. Stuart should i put fresh money into the market now . If for some reason ive got some money on the side here, should i put it into stocks now or a 5 1year treasuriesome. You know, honestly, i like the 1year treasury. You know, were sill in the market. Theres a couple of sectors that that we still like, you know, but the majority of our portfolios across the board, you know, i like the 1year tnote because its that riskoff investment. Stuart you say you like a couple of areas. What are they . Yeah. You know, i like utilities, i really like energy and health care. You know, those three things right now, again, especially going into winter, you know, theyre pretty stable. So and again, you know, were hedging our bets. I at like a little bit of precious i also like a little bit of Precious Metals right now to hedge against the u. S. Dollar, but again, that are be a small portion of the overall portfolio. Stuart weve lots of discussion recently about gold. Not much on this program, but in wall street generally i see gold looked at frequently. What proportion of your assets should be in gold, and what kind of gold . Gold bullion, gold coins, gold mining shares, what . You know, i think it should be, you know, if youre investing in the market, it should be between the mining shares is and the gold stocks. But, you know, i like legal ten ther. If youre going to physically hold it, i like legal tender. It doesnt matter if its from the u. S. Or crewing rans or wherever it is the, but legal tender, i think, is really important. Again, its the not so much an invest. As investment as it is a to havage of value. Storage of value. If we believe inflation is going to continue to to grow and it will if we keep spending, you know, i its a great place to store value. Stuart yes. And you can also bury your gold and keep it away from prying eyes. [laughter] thats always a nice thing to have going for you with. Ed sid dell, see you again soon. Thank you,. Stuart yesterday on this program dave portnoy was here, and he loves taylor swift. Watch this. Ive got to ask you about taylor swift. Love her. Stuart yeah. Youre really a big fan. Why do you like taylor swift so much . Okay, brilliant artist. Anything else is . Shes always just been kind of true to herself. I feel like shes always told the truth, and shes had a bunch of the things. Like when kanye stole the microphone, that was a huge if you recall that incident, she was a young kid. Shes been nothing but a superstar, big hits, and she got a lot of hate. And now its come full circle, and these concerts are unbelievable, maybe the biggest artist in the world. Stuart you know, we got an enormous number, what is it, clicks you get or what is it . Lauren views on social media. [laughter] stuart enormous number. Im inclined to put taylor swift in the headline of any story we cover. Inflation hotting up . What does taylor swift think about that . Because then you get an audience, you see. Thats the Great Attraction for our viewers. Lawyer lauren thats interesting. I was feeling honored that dave portnoy sat in this seat, and you think taylor swift was the headline. No, i agree. Stuart he made taylor swift the headline, and he brought us the viewers. The guy is a really sharp broadcaster. And hes sharp with his money too. He wouldnt tell me how much hes worth, but he did tell me that he bought back his gaming company, barstool sports, he bought it back for 1 having paid having received 500 million lauren so he gave you the price. I was wondering. Stuart yes, he did. Bought it back for a buck. Lauren hes honest and hes sharp, and i think him or anybody saying that theyre be a big fan of taylor swift speaks volumes. Most are. Stuart sure. What has she done wrong . Lauren you have to say she is a great role model for all of these girls and boys, and she has a huge audience. Shes making millions if not billions of dollars and helping all of these local economies when she bring withs her tour to their town. Stuart its all good stuff. She never gets into politics. Lauren no, she does, she has. In tennessee especially with marsha blackburn, yeah. You wouldnt like her politics. Stuart i dont care. [laughter] taylor swift is all right by me. Lauren this is why entertainment should sometimes not be political. We dont need to know what she thinks. Stuart true. We better get back to wall street when the opening bell sounds and rings in less than an many a minute. Were going to find out how this weekends. Weve got the dow down 100 and the nasdaq down 115. Plenty of red ink. I think the reason here is that we got a hotter than expected Inflation Report, and treasury yields are going up. Look at that, that thats the 10year. Weve got that at 4. 14. And weve got the 2year, thats getting pretty close to the 5 level. Youre at about 4. 90 right now lauren and the nasdaq is down, and the nasdaq is down this week by over 170 points as rates go up. The cpi data encouraging, but look at airfare. Airfares coming down. Thats a head fake because jet fuels going back up. Stuart interesting. Okay. In 6 seconds we open the market. You will see that gentleman or that lady lauren its going to be the man in the red tie. Stuart my money is on the red tie guy. Lets do it, man, come on. He didnt do it. Lauren i think we missed it. Stuart we missed it. I base this show every day on the man pressing the button. Okay, lets get on with it. The dow is down 59, 690 points, about threequarters of the dow 30 in the red so a lot of selling this morning but only a 60point loss at this point, i should say. The s p 500, wheres that . Its down,. 44 . Okay. The nasdaq composite is down,. 80 . Over 100 points. Big tech, i suspect, taking it on the chin. Yes, it is. Apple down to 177. As we mentioned earlier, its lost 10 in the last week. Amazon, 137. Microsoft is down, 320. Alphabet, 128. Meta, barely above 300 a share. I want to start with amazon this in some detail here. Wall street seems to like its cloud business. What have we got on that . Lauren redburn, a boutique firm, is bullish on aws, their cloud platform. It says the stock can shoot up 65 . Amazon is already are up 65 this year, they say it can go up another 65 to 230 a share because the aws is well positioned to survive any a. I. Related tailwinds. Stuart the up 60 already this calendar year . Lauren 64. 95 stuart do you realize how big amazon is and what it takes to shift the stock 65 higher . Thats extraordinary stuff. Going the other way [laughter] very small scale, wework. Yeah, the officesharing guys. Earlier this week they said there was substantial doubt that they could stay in business. Lauren yeah. Stuart i guess somethings changed. Lauren they essentially put the for sale sign on the company tiahrting on bankruptcy, and the stock teetering on bankruptcy, and the stock surgeries . Stuart whats their assets . If the assets are worth something, thats why. Lauren were seeing these gains as the Retail Investor comes in. Is wework a meme stock, is the question. What would be missing, i guess, to be a true meme sock is short interest. Theres a little bit, its not excessive, at wework. Stuart okay. Next case, walmart. Now, i know they report next week. I believe, is it Credit Suisse or somebody on wall street, theyve raised their price target to what . Lauren they say the stocks going up 12 , they put it at 180 a share. Why . When walmart reports on thursday, you are likely to see a big increase in grocery market share. They have good prices on food, thats where folks are going to shop. Also consumers, to save money, are not only shopping at walmart, theyre trading down to walmarts private labels. They say thats a positive. And they have their membership program, walmart plus, a lot of free perks if youre a member. So they like all of that. The stocks not doing anything now, but hay do report on thursday. Stuart its a down market and walmarts holding its own. Lauren good point. Stuart archer aviation, i think as i recall weve had them on the show. They were the flying taxi guys, but theyve got a lawsuit against them or opposing lauren they countersued each other. The news here is that their goal of getting their electric air taxi, faa certified and beginning commercial operations in 2025 the is on track. And i say that because they settled the lawsuit with boeing, and they got another investment round that includes boeing. So its good news all around. The lawsuit was essentially boeing has a whisk business, they got into that with googles larry page. They sued archer for stealing trade secrets, and then archer countersued. Its the all settled, the stock is up 6 . Stuart the more important point is archers going to have their air taxis flying by 2025. Lauren so they hope. Theyve got the funding, over 1 billion. Stuart okay, got it. Ubs on the upside, i think, this morning. Yes, it is. Lauren nice gain. Stuart Credit Suisse, right in. Lauren and they had a backstop from the swiss government to do so, and they paid it back, over 10 billion u. S. They also repaid an emergency liquidity loan that they had tapped. They dont want can theyre reducing their involvement with swiss authorities. Maybe they want more awemy. [laughter] maybe they autonomy. Maybe there will be job cuts. And if you dont have to answer to a government thats helping you, you do have more i autonomy. Stuart that would be true, wouldnt it . In a down market, ubs is up nearly lauren but they were repaying all that do they were able to repay all that, which is good news. Stuart the dow down just 65 points, 35,900 is the level 35,100. Dow winners, who have we got at the top of the list . Merck at the top, very small gains all around, but Health Companies doing well again. Unitedhealth is on the list. Next case, the s p 500 headed by the f corporation, news corporation, that would be our parent company, i do believe. Ebay, have lear valero. Tapestry is on the list. Nasdaq, please, show me the winners. Palo Alto Networks back on the upside. That thing went up forever, then came down sharply, now a fractional gain, 1. 6 . Ebay, keurig dr. Pepper inc. Oreilly automotive on the list. The 10year treasury yield, where is it . Going up today after this hotter than expected Inflation Report. 4. 14 on the 10year. The price of gold should be going down a little, a buck, not much, 1947. Bitcoin, last time we checked it was 29 grand, its 29 the,3 right now. Oil, watch this care throughfully. Its the carefully. Its been going up. Nat gas not doing much, it never does these days, its at 2. 71. Heres whats moving, the average price for a gallon of regular gasoline on the upside again, 3. 84 is your price today. Thats up 2 cent cans overnight. Diesel, 4. 26 the, up 3 cents overnight and up over 40 cents in a month. Coming up, the mayor of new york, eric adams, issued a dire warning to President Biden about his sanctuary citys migrant crisis. Watch this. We have created a funnel. The bordering states have now took the funnel right to new york city. If if you decimate this city, youre going to decimate the foundation of whats happening. Stuart the question is, how much will the feds pay to cities around the country when these migrants arrive on their doorstep. The bill will be huge. An a archbishop warns that Americas Catholic Church is under an explicit attack. Theologian Jonathan Morris takes it on later in the show. And look at this, why woke capitalism works for ben and jerrys. A former anheuserbusch executive wrote it, why didnt it work for bud light . I will can ask. Thats next i will ask. Thats next. Yeah, i got a little girl wears her hair up high you better mine your own business, just mind your own business. Just mind your own business, and you wont be mad tonight i have type 2 diabetes, but i manage it well. Jardiance its a little pill with a big story to tell. I take oncedaily jardiance, at each days staaart. As time went on it was easy to seee. Im lowering my a1c. Jardiance works 24 7 in your body to flush out some sugar and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. Jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. A rare, lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and dont take it if youre on dialysis. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Jardiance is really swell, the little pill with a big story to tell. Stuart waking up to wokeness, i like that graphic. Disney threatened with a bud lightstyle boycott for a new partnership with a social media influencer. Take me through this one. Lauren disney partnered with sean altman, a man, biological man identifies as a man but likes to dress as a woman. There he is. To promote disneys girls clothing. He made a tiktok video of himself are dressed as minnie mouse and said minnie is me. Well, some disney fans are outraged x they are threatening a bud lightstyle boycott of the brand with. The difference is, in my opinion, a trip to because you always want my opinion. [laughter] a trip to Walt Disney World is a lot more expensive than a can of beer. So if customers pull back, thats 10,000 theyre withholding if theyre not booking a trip to Walt Disney World in florida. And we know from disneys earnings that theme park attendance in florida was struggling. Stuart okay. We have a guest who will address this lauren why are you making such a weird pace . Do you disagree with me in. Stuart no, weve got a limited time. Weve only got three hours on this show. Here we go, former anheuserbusch executive anson fred ricks is with me. Do you think disney is making the same mistake at bud light . I think they are making the same mistake as bud light, and i think theyve been doing it for over a year now. If you remember, take a look at disneys Mission Statement. What is disney trying to achieve as a company . It is trying to be the worlds premier Family Entertainment company. You go back one year, what does them getting involved in the parental rights bill in florida have to do with them being that company . Has to do with nothing. They had an Approval Rating of 77 of people. It crateredded to 33 after that. And you take a look yesterday, disney had their earnings yesterday, and they missed revenue numbers. Why . Millions of subscribers stopped subscribing to disney , their theme park attendance is down. Theyre making a mistake by getting involved in these controversial issues. Stuart youre the guy who wrote a very good oped titled why woke capitalism works for ben in and jerrys. Okay, you can spell that one out for us, if you like, but i want to know why it works for ben jerrys but, obviously, didnt work for bud light . Yeah. It goes back to the Mission Statement of the company which i talk about with disney. Mission statements are very, very important for a company. What do they do . They say what the purpose of the company is and what its trying to achieve. When Companies Get this right, they increase revenue faster than can competitors and also innovate faster. Why is that . Well, those clear Mission Statements they kind of align investors and employees with what the companys trying to achieve throughout the products and services that its tried to deliver to customers to increase shareholder value. For a company like ben jerrys, its on their web site. Its clear as day. It says we use ice cream to change the world with a Progressive Social mission. You know, its a free country, capitalism works. Whatever mission you want. Also, customers can decide not to buy your products if they dont like your mission. When they do things like defund the police initiatives, on fourth of july this year they said the u. S. Should give back land to indigenous people. Thats just part of their mission if what they do. Theyre not trying to hide anything, theyre actually authentic. This company, its a country cooing hippies up in vermont that founded this company. Theyre just awe authentic. That serves probably a smaller minority of customers because less than a third of people want politics with their product, but for those who do, ben and jerrys has found a decent market share with them. Stuart you know, we introduced you as a former anheuserbusch executive. We should introduce you as the president of strive Asset Management which, i believe, is vivek ram swam hus operation, isnt it . Vivek and i go back 25 years. Weve known each other since high school. Stuart you wasnt to high school with vivek . We use to do mock trial in high school together. [laughter] i guess weve been asking you to vote for us for 25 the years. Stuart ive got a minute left are, i really want to get this in. Youre going after blackrock, arent you . We are. Stuart two funds youre launching today directly going after blackrock and the esg nonsense. This has been Mission Failure at blackrock. They want to try to increase the Financial Security of everyday citizens, but they do that by actually putting environmental, social and governance factors into Investment Decisions even though its been shown to underperform market. We already launched eight funds last year on the equity side that try and and give americans the the act to invest for shareholder returns. Were launching two on the fixed income side because blackrock actually restrict funds from investing in companies that have great credit scores, good cash flows just because they dont necessarily meet their esg metrics. Our first one is bu can xx, this is sort of buxx, its a short maturity fund, invest in all companies, regardless of their esg score cans, based on their creditworthiness and what they do. We think thats good for american capitalism, and were excited at to be about the launch. Stuart i think a lot of vivek rubbed off on you, because youre very articulate, and anytime you want to come back on the show, you can come back, okay . Great. Thank you very much. Stuart thanks. A conservative legal group going after kelloggs, the cereal people, over their diversity policies. This group says those policies are illegal. All right, what are hay going to do about it . Lauren they filed a civil rights complaint asking the countrys to Antidiscrimination Agency to investigate kelloggs diversity policies and programs as being discriminatory. The name of the group, America First legal run by stephen miller. Stuart oh, i know stephen miller. Lauren yes. And theyre accusing kellogg of seeking to balance their brand with based on race and sex. Stuart okay. Lauren so i think the bottom line to all of this is Corporate America is the next target in the wake of the Supreme Court decision stuart watch out for stephen miller, hes a sharp guy. Lauren we said corporations would be next. This is evidence of that. I dont think theres anything controversial in what im saying. Stuart no, there isnt. No, no, no. Thank you, lauren. Coming up, not too late to be on the show if you want to be to be on friday feedback. Email your questions to varneyviewersfox. Com. Dare portnoy, he had a thing or two to say about his employees showing up late to the office. Watch this. How stupid is this [bleep] like, i bought it, ive owned it back for less than 24 hours. What time is it right now . 9 45. Youve got to be the dumbest [bleep] in the world not to show up yet. Im going to be there early today. Stuart barstool isnt the only company dealing with brain dead employees. The full story after this. Today i dont feel like doing anything. I just want to lay in my bed. Dont feel like picking up my phone leave a message at the tone. 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Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Some real idiots there, stuart. Absolute chair ety cases. I dont like firing people because i have a big heart. These guys have been collecting a check forever. Youd think the day i bought the the company back, theyd beat me to the office. 9 45 a. M. , nobody was in there. Your brain cant be functioning. [laughter] stuart that was dave portnoy telling me his workers are brain dead from the lack of hustle. That trend does not stop at barstool sports. Come on in, jeff flock. Are other companies having to problems with, hall we say, unmotivated employees . Reporter only everyone from amazon to meta to the federal government. You know, stuart, when you and i were younger, back in our day, it was the Older Workers that were thought to be the unmotivated ones, and us young bucks were coming in there, wed do anything. We didnt care about worklife balance. How do you think i got divorcedded three times . Yeah. But now it is the younger workers, actually, that are the ones not showing up. The folks at amazon had to send a memo out this week to employees saying they, quote, were not meeting expectations of being in the office at least three days a week. They checked whether they swiped in or not. At meta, layoffs there, workerses say theyre not motivated after the layoffs. Even the federal government, President Biden said, you know, federal workers, youve got to get back in the office. You need to be productive. Problem is, nobody wants to. Take a look at what the or survey said about this. Surveyed workers, a quarter of them say, yeah, i want to work in the office. I dont want to work at home. A third, though, said they always want to work at home, and fully 75 said they want to spend at least one day, if not more, working from home. Problem is, productivity, the most extensive study on this just done on data entry workers in india, found somewhat definitively that they worked 18 less productive. What does the general public think about all of this . Well, we asked. The person who is behind your paycheck asks you to come back many in phi days a week, you need to do so. Its not fair. It must be nice complaining and not getting fired. I wish i had that privilege, but i dont. A couple of days in the office is a good thing across the board. Come on, america, lets get back to work. Make sure they pay you right. Reporter and, stuart, i leave you with this, this Office Building across the street here this in philadelphia, that is almost completely vacant now because of Companies Moving out because they dont have as many people working in the office. Stuart thats fascinating. Jeff, good stuff. Thank you very much, indeed. I need some comment from lauren sitting right next to me. I think he made a good point which is back in my day, 70s, 80s, 90s, young folks would hustle. They wanted to climb the food chain. Theyd move heaven and earth, move up the food chain. Older workers were considered to be lazy. Not hazy, but not productive. Thats a complete reversal now. Lauren societys changed, technologys change, you can work from anywhere, and youre constantly working because you feel you need to answer because you have a device with you and attached to you. Nobodys going back to work five days a week because weve been working from home for too long unless they change the pay structure. You go in five days a week, you get paid more than the person who doesnt. Stuart i saw you come in the studio before 5 00 this morning. Thats hustle. Still ahead get me out of this, please. Shannon bream, former speaker newt gingrich, congressman carlos gimenez. Weve got a jampacked show, sports fans. The 10 00 hour is next. Theres a fire in your eyes that i cant resist. Were gonna want to remember this life after student debt is within reach. Refi at sofi. Com you could save thousands and get to your goals faster. Sofi. Get your money right. Im jayson. Im living with hiv and im on cabenuva. It helps keep me undetectable. For adults who are undetectable, cabenuva is the only complete, longacting hiv treatment you can get every other month. Cabenuva is two injections, given by my healthcare provider, every other month. Its really nice not to have to rush home and take a daily hiv pill. 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